On the Refulz.com site today they've posted a new tutorial looking at the use of traits and how to resolve conflicts and work with method precedence.

In our previous post about the multiple and nested traits, we read how nested and multiple traits can be used in a class. In such cases, there is a possibility of the same method name existing in the trait, and the class using the trait. Furthermore, the same method name might also be present in the parent class of the class using traits. It is important to understand how the precedence order works for such cases.

First they look at the precedence between classes and traits with the class always winning...unless the method is inherited from a parent class. They also mention the order when it comes to using the "insteadof" and "as" operators as a way to get around conflicts between traits.